Australia Services PMI Slips In April - S&P Global

(RTTNews) - The services sector in Australia continued to expand in April, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 51.0.

That's down from 51.6 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Australia's services new business increased at a solid pace in April. Greater client interests and promotional efforts underpinned the nineth successive monthly increase in new work. The rate of growth was the fastest since May 2022.

In contrast, export business declined for a second straight month, affected by US tariff policy in April according to panelists. Moreover, the pace of reduction was the most pronounced since December 2023, reflecting a deepening downturn for exports.